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Category > Statistics Posted 13 May 2017 My Price 6.00

Summer Vacations

Summer Vacations One of the major costs involved in planning a summer vacation is the cost of lodging. Even within a particular chain of hotels, costs can vary substantially depending on the type of room and the amenities offered.4 Suppose that we randomly select 50 billing statements from each of the computer databases of the Marriott, Radisson, and Wyndham hotel chains, and record the nightly room rates.

 

Marriott

Radisson

Wyndham

Sample average

$170

$145

$150

Sample standard deviation

17.5

10

16.5

a. Describe the sampled population(s).

b. Find a point estimate for the average room rate for the Marriott hotel chain. Calculate the margin of error.

c. Find a point estimate for the average room rate for the Radisson hotel chain. Calculate the margin of error.

d. Find a point estimate for the average room rate for the Wyndham hotel chain. Calculate the margin of error.

e. Display the results of parts b, c, and d graphically, using the form shown in Figure 8.5. Use this display to compare the average room rates for the three hotel chains.

Figure 8.5 Plot of treatment means and their standard errors

 

width=

 
 

 

Answers

Alpha Geek
(8)
Status NEW Posted 13 May 2017 05:05 AM My Price 6.00

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file 1494653726-Answer.docx preview (493 words )
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